UBS AG, the Swiss bank battered by massive write-downs and its role in a U.S. tax-evasion scheme, announced the appointment of Oswald J. Grübel as its new Group Chief Executive Officer with immediate effect. The banking major in its statement said that the move will "restore stakeholder confidence and to pave the way back to success."

Mr. Rohner is being replaced by 65-year-old Oswald Grubel, who had been CEO at Swiss rival Credit Suisse Group until he retired in 2007. Mr. Rohner's departure comes less than two years after he was named CEO.

In a statement, Oswald J. Grübel, Group Chief Executive Officer of UBS said, "I am convinced that the Swiss financial centre requires the presence of more than one big global bank. The opportunity to lead UBS with its unique client franchise in wealth management, investment banking and asset management in these extraordinary times presents a fascinating, yet formidable challenge to me. Together with our 77,000 dedicated employees, I will do all I can to bring UBS back on a profitable, successful track.”

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